Roos of Colliers International handles 130,740 s/f lease

Colliers International has arranged a 15-year, 130,740 s/f lease for the United Nations Population Fund (UNFPA) at 605 Third Ave. The organization will occupy the entire fourth through sixth floors beginning in October. Fisher Brothers is the building owner. Andrew Roos, principal in the New York Tri-State operations of Colliers International, led the leasing efforts. Jack Whalen, of Fisher Bros., represented the landlord internally. "UNFPA was not looking to relocate, but they were able to take advantage of a unique opportunity that they simply could not turn down, both for the financial considerations and quality of the space," said Roos. "Not only is the space in excellent move-in condition, with new furniture that suits their needs, but the move allows UNFPA to house its vast workforce on three contiguous floors." The move-in ready installation will also save UNFPA the considerable time and expense often associated with building space to a new tenant's specifications. The UNFPA transaction was particularly complex, with multiple parties involved in the process. The 605 Third Ave. space was originally leased to the Nielsen Co., which never occupied the floors, and ultimately sublet them to Pfizer, represented by Pat Murphy and James Ackerson of CB Richard Ellis. But after adjusting to the recent market conditions, Pfizer sublet the space back to the landlord, leaving the entire installation in place, with 7.5 years remaining on the lease. Fisher Bros. then leased the space directly to UNFPA while adding an additional 7.5 years to the term at UNFPA's request. These maneuvers essentially forged a new 15-year agreement. "Even with some rent considerations, Fisher Bros. recognized the benefits of having UNFPA occupy a large floor plate in the building," Roos said. "UNFPA is leaving one of the city's most iconic addresses, the Daily News Building, and relocating into space that is owned by another leading landlord."